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In auditing a privately held entity, an auditor must follow the professional standards established by all of the following except: A. The AICPA’s Auditing Standards Board B. The Professional Code of Conduct C. The Independence Standards Board D. The P
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Evaluate your own comfort level with participating in a high-risk audit engagement and suggest several ways to solidify your comfort level. Discuss how the audit team can discern the audit areas that present the most risk to the firm.
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Financial accounting
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What type of audit opinion is preferred when analyzing financial statements? a. Qualified. b. Adverse. c. Unqualified.
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Explain the audit risk model and the components of audit risk. Which components are determined by the auditor, and which are based upon the auditor’s assessment of the client?
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Explain what is a KAM (key audit matters) and give some examples.
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Financial accounting
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What are the differences between auditing a service company and a manufacturing company? What adjustments would you have to make to their audit planning if they were to audit a service company?
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Financial accounting
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When reporting on an entity’s internal control over financial reporting in compliance with generally accepted government auditing standards, an auditor should issue a written report that includes a: a. Statement of positive assurance that the results of t
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Financial accounting
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Define and provide examples of audit risk and its three components: inherent risk, control risk, and detection risk.
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Business
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The date of the CPA’s opinion on the financial statements of the client should be the date of the: 1) Closing of the client’s books. 2) Receipt of the client’s letter of representation. 3) Completion of all-important audit procedures. 4) Submission of
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During the taking of physical inventory, the controller intentionally withheld several inventory tags from the employees responsible for the physical count. After the auditor left the client’s premises at the completion of the inventory observation, the c
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Business
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Distinguish between audit risk and audit failure.
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Financial accounting
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When auditing a computerized accounting system, the independent auditor should have a general familiarity with the effects of the use of information technology on the various characteristics of accounting control. What are the general controls that should
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Business
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The primary reason for an audit by an independent, external audit firm is to: a) Satisfy governmental regulatory requirements b) Guarantee that there are no misstatements in the financial statements and ensure that any fraud will be discovered c) Relieve
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Business
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Below are ten independent risk factors: 1. The client lacks sufficient working capital to continue operations. 2. The client fails to detect employee theft of inventory from the warehouse because th
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Financial accounting
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Accounts and notes receivable are reported in the current assets section of the balance sheet at: (a) cash (net) realizable value (b) net book value. (c) lower-of-cost-or-market value. (d) invoice cost.
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Financial accounting
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In planning an audit for the revenue cycle, the auditor must realize the integrated relationship of evidence found between the accounts receivable and the notes payable accounts. a. True. b. False.
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What is monthly rent considered in accounting: asset, liabilities, and owner’s equity?
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Financial accounting
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Which of the following is NOT a purpose of external financial reporting by governments? External financial reports should allow users to: a) Assess financial condition. b) Compare actual results with the budget. c) Assess the ability of elected offici
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Prepare the calculation of deferred tax assets or deferred tax liabilities in relation to rent received in advances as at January 1, 2011 and December 31, 2011.
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Business
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Generalized audit software, such as ACL, is used for which of the following purposes? A. footing balances B. filtering transactions C. sample selection D. researching accounting principles E. all of the above F. A and B only G. A, B, and C
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Business
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What alternative audit procedures can be used instead of accounts payable confirmation? What are the pros and cons of these alternative audit procedures?
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Financial accounting
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Who establishes generally accepted auditing standards? a) Public Company Accounting Oversight Board b) Financial Accounting Standards Board c) State Boards of Accounting d) Securities and Exchange Commission
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Financial accounting
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Which of the following is NOT one of the Big Four accounting firms? a. Carlton & Co. b. KPMG c. PwC d. Deloitte e. EY
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Financial accounting
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(a) What is generalized audit software? (b) What are the tasks for which an auditor would use it? (c) What are the advantages and disadvantages of using generalized audit software?
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Financial accounting
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The lease is an operating lease. Assertion(s): Balance Sheet Effect: Income Statement Effect: Your first step in learning to audit is to understand and be able to identify management assertions for events and transactions. You will need to be able to rela
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Financial accounting
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Which of the following computer-assisted auditing techniques allows fictitious and real transactions to be processed together without client operating personnel being aware of the testing process?
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Financial accounting
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Why should auditors ordinarily consider revenue recognition as a fraud risk factor?
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Financial accounting
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An inaccurate form of the audit risk model would show that _______. (a) audit risk is directly related to all other risks in the model (b) increases in control risk will cause decreases in detection risk (c) detection risk may be determined from audit ris
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Business
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The deferred income tax liability: a. represents income tax payments that are deferred until future years because of temporary differences between GAAP rules and tax accounting rules. b. is a contingent liability. c. can result in a deferred income tax as
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Financial accounting
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Which of the following is not explicitly stated in the standard unqualified audit report? a. The audit was conducted in accordance with generally accepted accounting principles. b. The auditors believe that the audit evidence provides a reasonable basis
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Business
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For each of the following specific audit procedures, indicate the type of audit procedure(s) it represents: (1) inspection of records or documents, (2) inspection of tangible assets, (3) observation, (4) inquiry, (5) confirmation, (6) recalculation, (7) r
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Business
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What does FY mean in finance?
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Financial accounting
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Which one of the following sources contains financial information audited by an independent accounting firm? A. 10-K B. 8-K C. Press release D. 10-Q
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Financial accounting
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Who should perform an internal audit? A) A private auditing firm B) The organization’s accounting department C) Representative managers and employees from throughout the firm D) A small team of top-level managers E) The chief executive officer
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Business
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Microsoft (MSFT) on Thursday extended the warranty on its Xbox 360 video game console and said it will take a charge of more than $1 billion to pay for “anticipated costs.” Under the new warranty, Microsoft will pay for shipping and repairs for three year
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Business
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A) How does an internal audit vary from an external audit? B) Why are internal audits so important?
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Business
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Discuss the four stages of the audit and the major activities performed by the auditor in each phase.
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Financial accounting
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Which of the following types of audits was suspended due to protests from taxpayers and lawmakers? a. Discriminant Function System selected audit. b. Taxpayer Compliance Measurement Program selected audit. c. Correspondence audit. d. Office audit. e. Fi
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Financial accounting
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Which audit assertion is met when testing whether debt provisions have been met? a.Completeness b.Existence c.Presentation d.Valuation
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Business
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What is discount on notes receivable in accounting?
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